Exports fall 16%, sharpest decline in over 2.5 years

Singapore's exports slumped 16 per cent in October, dragged down by the stuttering economies in the United States (US) and Europe.

The worst hit was again electronics, which dropped by a massive 31 per cent, illustrating the severe weakness in the global economy.

But, unlike in the past few months, non-electronics exports, such as pharmaceuticals, were not able to lift the export figures. Non-oil exports fell 6.7 per cent.

Non-oil domestic exports to US collapsed, falling sharply by 50 per cent, while goods to troubled Europe also fell by 30 per cent.